What Is The Average Credit Score In America By Age & State? Going through the page one results on Google for the above term reveals that virtually every listing cited information that was either (a) incorrect, or (b) misleading.
Credit score types. Score type. Maximum score. FICO8. 50. PLUS8. Vantage Score (current version)8. Vantage Score (old version)9. Rather than identifying an average credit score as being a PLUS Score or Vantage.
Score, almost all websites are using these scores interchangeably, without mentioning what type of score their data is using. Here is the real story?
Well, that’s really not even a question you should be asking. Because those with ultra- low scores (due to a bankruptcy, foreclosure, etc) are going to have scores significantly lower — these drag down the average number big time. Several years ago, FICO reported the median score as 7. The median means it’s exactly in the middle: 5. This will give you a much better idea of the credit score average for Americans and removes the massive bias of outliers. If you still insist on knowing the current “average” then good luck on finding that out.
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FICO doesn’t report it. Average credit score by state? Ah! FICO doesn’t release a state- by- state breakdown of score distribution. So in order to judge their performance, we have to turn to a different scoring model. As an alternative, let’s use the Vantage. Score, which Experian reports on each year. The Vantage. Score is not the same thing as a FICO score — and Experian reports the averages by metro area, rather than state.
However, this information is still a good way to measure performance of geographic areas relative to each other. As of year end 2.
Experian’s Experian’s “State of Credit” data), the national average Vantage. Score was 6. 69, up slightly from 6. Remember, Vantage scores run from 3. Here’s a list of the metro areas with the best scores, and those with the worst. Cities with the best average Vantage scores: Mankato, Minnesota — 7. Rochester, Minnesota — 7. Minneapolis, Minnesota.
Meanwhile, the cities with the best scores are in the northern Midwest. The spread between the lowest- and highest- scoring city is 9.
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Our friends over at Credit Karma have the best data set available for showing average credit score by age. Although it’s not FICO, they use a credit scoring system which correlates closely – Trans. Union’s Trans. Risk model.
Like FICO, it runs on a 3. The first thing you probably conclude from looking at that is the older you get, the more your score will go up on average. There are a few reasons for this: Let’s be honest here.
It’s not until a bit later when they realize how much damage was inflicted and finally start managing their credit properly. Credit scores (FICO and competitors) all take into account the age of your credit history and accounts. The longer the (positive) history, the more it will help your score.
This is a reason why adults who have had accounts for decades tend to have higher scores. Even if you never had major indiscretions with your credit as an early adult, as you get older, you hopefully start building up a nest egg and paying down debts like your mortgage, student loans, etc. This of course helps your score. It’s important to realize, though that you shouldn’t think you are doing well score- wise, just because you are above average for your age group. Sure, the average may be 6. Just check the forum and you will see people who are 1.
FICOs either in the high 6. By the time you are in your mid- 2. At age 2. 5 one of our members had around a dozen cards and a FICO score of 7. If you do, it is strongly recommended that you only go with no- annual- fee cards. That way you can keep them open for the long haul and won’t have to worry about an annual fee. For cards that are used sparingly, that’s the way to go. Updated March 2. 01.